Tag Archives: Philadelphia flex space

The Philadelphia industrial space market grew by 327,200 square feet in the fourth quarter 2014 with the completion of three Philadelphia industrial buildings, a new market trend report from the CoStar Group says.

In comparison, four Philadelphia industrial buildings were delivered in the third quarter 2014, adding 906,337 square feet to the Philly industrial space market, according to CoStar’s Fourth Quarter 2014 Market Report.

Among the notable deliveries of Philly industrial buildings in the year 2014 were: West Hills Business Center – Building A, a 980,000-square-foot project that delivered in the second quarter and is fully occupied, and Berks Park 78 – Dollar General, a 906,919-square-foot facility that also delivered in second quarter 2014 and also is now 100% occupied, the report said.

Another 16,734,334 square feet of industrial space in Philadelphia was still under construction at the end of the fourth quarter, according to the report.

The largest of the Philadelphia industrial buildings still under construction at year end were Liberty at Shippensburg – Building B, a 1,700,000-square-foot facility with 100% of its space pre-leased, and Majestic Bethlehem Center – Site 2, a 1,644,450-square-foot project that also is fully pre-leased, CoStar said in the report.

In comparison to fourth quarter results from the Philly industrial space market, 240 new industrial buildings were delivered to the national industrial market, representing 41.79 million square feet, Costar reported, adding that construction was underway on an additional 164.7 million square feet of industrial space at quarter’s end.

Among the significant deliveries to the national market in 2014, CoStar said, were: South Washington Park – Building 2, a 227,000-square-foot industrial project in the Northern New Jersey market, and 2150 Opdyke Road, a 168,000-square-foot facility in the Detroit industrial market. CoStar also noted that 3507 Pasadena Boulevard, a 600,000-square-foot facility in the Houston industrial market, remained under construction at the end of the quarter. Total U.S. industrial inventory at quarter and year end equaled nearly 21.15 billion square feet in more than 623,000 buildings, of which approximately 90,000 were flex buildings.

The Philly industrial space market saw the completion of eight Philadelphia industrial buildings in during the second quarter of 2014, bringing 3,127,992 square feet of Philadelphia industrial space to the market, according to a new CoStar report.

Among the second quarter’s most notable deliveries of Philadelphia industrial buildings were: 9645 West Hills Court, a 980,000-square-foot building, and 30 Martha Drive, a 906,919-square-foot facility building, the report stated. Both of these newest Philly industrial buildings are 100% occupied, CoStar said. An additional 8,276,767 square feet of industrial space in Philly was still under construction at quarter’s end the report noted.

Liberty at Shippensburg on Olde Scotland Road, a 1,700,000-square-foot project, and 3215 Commerce Center Drive, a 1,644,450-square-foot building, were the largest of the Philly industrial buildings remaining under construction at the end of the second quarter, according to the report. Both of these Philadelphia industrial buildings have 100% of their space pre-leased, CoStar said.

Compared to the second quarter 2014 results from the market for industrial space in Philadelphia, the national industrial market saw 229 projects completed in the second quarter 2014, representing 28.56 million square feet, according to Costar. Another 119.7 million square feet of industrial space was still underway at quarter’s end. The 2.1 million-square-foot 4500 S. Dobson Road facility delivered in the Phoenix market in the second quarter 2014, while the 1.8 million-square-foot D1X Mod 2 project remained in progress in the Portland market. Total U.S. industrial inventory equaled 20.96 billion square feet in more than 618,000 buildings at the end of the second quarter. More than 69,000 of these were owner-occupied Philadelphia industrial buildings.